These Crypto Influencers Who Got Rich On Twitter

A crypto researcher published a list of stamps of more than 100 influencers when publishing a crypto project on the social network. American star Lindsay Lohan is there.

Some influencers decided to bet on cryptocurrency to earn a lot of money. A well-known crypto researcher by the name of Zachxbt, who is widely followed by the crypto community, has posted a list of 114+ crypto influencers in the amount of fees on Twitter. The information was first revealed to the US media Motherboard (Vice).

Zachxbt states that he obtained this list from a Web 3.0 marketing company.

“I have published this list to increase the public transparency of paid blockchain ads. Not many people on the list reveal when something is being paid for. Not to mention that it is illegal in many countries (UK, USA, Dubai, etc.) This has been an issue with the blockchain for some time now,” he told BFM Crypto.

In this document, which mainly lists American influencers in the crypto space, some will be less expensive than others. American star Lindsay Lohan, who previously tweeted about Bitcoin, will receive $25,000 for an advertising tweet and $20,000 for a retweet. Do the stamps on this list correspond to reality?

“Motherboard reached 60 accounts on the list and many of them explained the paid work process. Motherboard was unable to verify the accuracy of the entire list, but one influencer featured on the list we spoke to said the amounts were correct. Others said the prices were incorrect but said they were They earn money for tweeting about crypto projects.”

Disguised advertising for some projects

The document mainly refers to a practice that has become common: cryptocurrency “shillings.” Zachxbt notes, “Not everyone on the list earns undisclosed shillings, but the vast majority of names I see are out there.” The French Unicorn Ledger introduced a definition of cryptocurrency in a post on his blog.

“You may come across an influencer, such as a celebrity (not necessarily associated with crypto), who has actively put their name and support for a project. They will encourage new and old investors to invest in the project without necessarily offering transparency about their reasons for supporting the project. Be careful, because it is possible That the celebrities got paid to promote crypto sales and had no real knowledge – or interest – in the project,” Ledger said.

In the face of the increase in this type of practice, some regulators have taken the lead. In January, Spain became the first country in the European Union to regulate ads for crypto assets on social media. Spanish influencers with 100,000 followers who want to promote a crypto project must now notify in advance that they are promotional posts. In case of non-compliance with the rules, they are subject to a fine of up to 300,000 euros.

In France, with regard to advertising in general, consumer law applies without specifying crypto assets, applied by
Directorate General of Competition, Consumer Affairs and Fraud Prevention (DGCCRF). It was this organization that sentenced influencer Nabila Benatia Vergara in July to pay a fine of 20,000 euros for misleading business practices on social networks. Contacted BFM Crypto about crypto influencers, DGCCRF has not responded to our requests yet.

“If the influencer is acting at the request of a financial instrument trading platform, the latter must ensure that any advertising information is so identifiable, true, clear and not misleading,” BFM Crypto’s AMF explains.

In the cryptocurrency ecosystem, only French digital asset service providers (PSANs) registered with the AMF can advertise and solicit social networks.

“In the face of the re-emergence of investment recommendations or recommendations of trading sites by social media influencers, the AMF’s Department of Investor Relations and Protection (DREP) calls for vigilance: it is advisable to question the financial skills of those people who present themselves as experts, the sincerity and honest nature of these prescriptions, whose paid nature is not always clearly indicated,” the Arab Monetary Fund announced in October 2021.

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